Unit 4: property ownership and types of estates (exam questions)

Barry owns a property, and holds all rights associated with ownership. His interest in his property is a ______.

A. Freehold Estate

B. Leasehold Estate

C. Lease-option

D. Reversionary

A. Freehold Estate

The Crows gave their son, Gibson, the family property, so long as he doesn't join his friend's rock band. If he joins the band, the property goes back to them. What type of estate is this?

A. Fee Simple Absolute

B. Fee Simple Defeasible

C. Fee Simple Determinable

D. Fee Simple Subject to a Condition Subsequent

C. Fee Simple Determinable

In some cases, a lienholder with priority position will agree to modify the order of priority. This is called a ______.

A. Modification agreement

B. Ordering agreement

C. Priority agreement

D. Subordination agreement

D. Subordination agreement

A life estate can best be described as ______.

A. An estate for a limited time

B. An estate for a specified time

C. Ownership for an undetermined length of time

D. Ownership, possession, and control for someone’s lifetime

D. Ownership, possession, and control for someone’s lifetime